71% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
81% of retail CFD accounts lose money
Altcoin wallets play a vital role in the growth and function of cryptocurrencies. These wallets provide security whilst also making it convenient to send and receive funds. They work in an identical way to Bitcoin wallets. In fact, most Altcoin wallets support the world’s largest cryptocurrency. In this guide, we will be explaining what makes one Altcoin wallet better than another. We will also provide you with a choice of the best Altcoins wallets for you to use.
Soon after Bitcoin was invented, Altcoins started appearing around the world. The premise of each coin’s success was that it improved upon Bitcoin’s protocol. For example, Ethereum took the concept of Blockchain and introduced a decentralised platform where anyone can develop custom apps. Litecoin, meanwhile, is similar to Bitcoin in many ways, but provides faster transaction speeds, making it more convenient for payments.
Whilst many Altcoins were designed to be better than Bitcoin in certain ways, others were simply created as a joke or worse, as a scam. In a similar way, there are hundreds of Altcoin wallets available, and whilst many are reliable and genuine, some are unprofessional, and others are just a front for fraudsters. Choosing amongst the very best Altcoin wallets will ensure that you do not fall into any criminal’s trap whilst also enjoying enhanced functionality and Altcoin support.
At this point, it is important to state that there is no single wallet that can cater to the needs, experience levels, and coin support of every individual. Whilst some people may be looking for a wallet to store the occasional Altcoin, others may be carrying out frequent trades to turn a profit.
There is a variety of Altcoin wallets available, so it is a good idea to categorise them in different ways. One of the main ways this is done is by splitting Altcoin wallets between cold and hot. Cold wallets are physical devices that can normally fit in the palm of your hand. They are not free, however, they provide superior security by staying disconnected from the Internet most of the time. On the flip side, hot wallets are normally free, however, this also means that they are less secure.
Furthermore, hot wallets can be split into the following categories:
Another important consideration is the wallet’s price. With a few exceptions, most hot wallets are free and most cold wallets must be purchased. Deciding which option to go for depends mainly on the amount of security required. If you’re just going to have a small value of Altcoins, then a hot wallet might suffice. However, if you plan to invest in Altcoins and HODL them, a secure cold, or hardware wallet, is better.
Some of the best Altcoin wallets provide integrated solutions to help you exchange currencies conveniently. As a result, you’d be able to buy and sell different supported coins from an exchange and have funds leaving and entering your wallet automatically. In some cases, some wallet providers might also operate cryptocurrency exchanges, making the entire process simpler and often, cheaper.
In the following section, we will detail the benefits and features of the best Altcoin wallets.
Ledger Nano S is one of the most recognisable Altcoin wallets, thanks to its sleek design and powerful functionality. It can accept more than 1,100 different Altcoins and ICO tokens and very easy to use, ideal for both beginner and experienced users. The Nano S is a hardware wallet that includes tamper-alert software.
The wallet’s retail price is €59, which is very reasonable given its benefits. For security purposes, the device must always be with you in order to approve transactions. However, in order to improve convenience, Ledger provides a mobile application to help make navigation and execution easier.
A relatively recent addition to the list of best Altcoin wallets is eToro Wallet. Owned by the global trading powerhouse, this hot mobile wallet has the advantage of being regulated. In fact, it’s immediate owner, eToroX, is licensed as a Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Services Commission. As a result, although this hot wallet enjoys superior security features when compared to many of its alternatives.
eToro Wallet is free to download and set up and can support up to 120 different coins and tokens. Available on both Android and iOS devices, you can choose to log in using existing eToro credentials or create a new account. With a linked account you will be able to exchange currencies as well as buy new Altcoins with a debit or credit card and have them stored in your wallet automatically.
Guarda is a hot wallet that has the distinct advantage of working across devices and browsers. In addition to working on iOS, Android, and Windows systems, Guarda provides a dedicated Chrome extension as well as an Ubuntu, Mac, and Linux app. This universal Altcoin wallet is free to set up and can connect to partner exchanges to provide a convenient way to buy and sell coins.
Very easy to use, Guarda is considered to be amongst the very best Altcoin wallets for beginners. Since it is an online wallet, it is not as safe as hardware alternatives. However, for a smaller amount of funds, it provides a very good overall experience. It is important to remember that Guarda is a non-custodial wallet, which means that users are solely responsible for keeping their password and recovery phrase safe. With these lost, there is no way to access your funds, since Guarda cannot intervene.
Coinbase Wallet is the second regulated wallet in this list of the best Altcoin wallets. Owned by one of the largest Bitcoin brokers in the world, Coinbase Wallet is free to set up and very easy to use. Although it is a hot mobile wallet, it is protected by advanced security features, including ones normally found in banks.
When using Coinbase Wallet you have the option to connect with an online exchange to automatically send and receive Altcoins. Whilst one of these exchanges is Coinbase itself, you are not limited to just this one. Furthermore, this wallet lets you interact directly with Ethereum-based Decentralised Apps (DApps).
Trezor is a well-known manufacturer of secure and reliable cryptocurrency wallets. Set up just a year after Bitcoin was launched, it provides support for over 1,000 different Altcoins and tokens. The Model One is the cheaper of the company’s main wallets and retails at €59. This model features navigation buttons instead of the touch screen offered by the more expensive Model T.
Trezor’s Model One is easy to use and ideal for both beginners and experienced users. Even though hardware wallets such as this are already safer than other alternatives, Trezor incorporates two-factor and FIDO2 authentication methods as well. The functionalities of this device become endless once you connect it to your smartphone. In this way, you will find a growing range of apps that add extra features and convenience to your Model One.
Exodus is a desktop and mobile wallet which ranks as one of the best Altcoin wallets for user experience. Popular amongst Altcoin traders, the free wallet provides live price charts and the ability to buy and sell Altcoins directly. It supports over 100 different coins and tokens and offers a choice of optional apps to enhance your trading experience and manage your wealth.
This Altcoin wallet is non-custodial, which means that it is solely up to the user to safeguard passwords and recovery phrases. Without these, access to funds is lost forever. However, for the trader who is eager to invest in Altcoins, Exodus has a lot to offer, including on-the-go trading directly from its mobile app.
Indacoin Wallet is a mobile Altcoin wallet available for both Android and iOS devices. It enjoys a positive reputation by users and offers a free way to get access to a wallet in seconds. Part of the organisation which owns the Indacoin Exchange, this wallet lets you trade Altcoins as well as buy them using a debit or credit card.
Using the Indacoin Wallet is easy, making it ideal for beginners. The wallet provides access to over 100 different coins and tokens. Account activation simply requires a mobile number, and 24/7 support is available. This is especially important in case you lose access to your wallet by forgetting your password.
Once you understand the main reason why you are looking for an Altcoin wallet, you should be able to find the best one for you in the list above.
If we had to pick a single Altcoin wallet and crown it best, we would probably choose the Ledger Nano S. Although it is not free, the value it brings far exceeds its initial cost. Supporting over 1,100 different coins and ICO tokens, it is unlikely that you will ever need to search for an additional wallet due to unsupported coins. Moreover, it is extremely safe, only connecting to the Internet during transactions. However, to offset the inconvenience that this brings, Ledger offers Live, a convenient desktop app to monitor and effect transactions faster.
Users who are seeking the benefits of the Nano S but would like to be able to connect to the Ledger Live mobile app should instead go for the Nano X.
Altcoin traders looking to make frequent trades would benefit from using either the eToro Wallet or Exodus, although they should take extra precautions to keep their account safe.
As cryptocurrencies continue to evolve, so too will the best Altcoin wallets. Whilst there are numerous other options available to buy, sell, and store coins and tokens, the wallets featured on this page have been found to be reliable, reputable, and trustworthy. Just like your bank account, choosing a wallet provider you can count on can save you worry and problems.